12 Contracts Remain Unsigned
Good Morning Everyone! We have 12 contracts remaining! Again, please continue to speak with your neighbors about this deal! Keep it up! We're almost there. Stay positive, and be kind on the blog. Thank you!
Assemblage Update
I hope Everyone had a wonderful Thanksgiving and enjoyed the beautiful weather. Presently we have contracts still unsigned. We have made contact with ALL remaining unsigned owners and provided them with any and all information possible. Nobody has said “NO” to signing their contracts with the assemblage. Not a single person. All remaining individuals are fully aware of this opportunity. We have spoken with all of them. If we aren't in receipt of signed contracts by the remaining unit owners by 5 PM on 1 December 2017 they will be counted as a "NO" to signing with the assemblage. If we receive an official "NO" from any of the unsigned unit owners the assemblage team will update the blog immediately informing everyone that the assemblage is incomplete, and the deal is off. We encourage all of you to please speak with your neighbors about the importance of this deal. The property is worth approximate...
Thats progress! Staying positive that the remaining unsigned will see the magnitude of this deal. I sent out emails to all unsigned yesterday. Haven't received feedback yet from any except one who signed yesterday. Hoping those who have not signed can provide information on why they are resisting. We are so close!!!
ReplyDeleteIt is very puzzling why the remaining are seemingly resisting the assemblage but have not offered any reason for their reluctance. Again, if any of the unsigned need additional information or help with technical issues, please let us know here on the blog. The real estate team and your neighbors want to help you realize this exceptional opportunity! Even Warren Buffet would approve of this deal!
DeleteThanks for that! I have tried to call the numbers provided and left some messages as well.
ReplyDeleteI'll keep posting this:
ReplyDeleteIf we get 100% signed by midnight tomorrow, I'll do a drawing for $1000. Some lucky person will get $1000 from me, personally, after closing. The stipulation is that we must be at 100% by midnight tomorrow, Giving Tuesday.
Ready to sign? Have any reservations? Join the assemblage.
Put us down for an additional $500 in the pot. We are by no means rich, but it is totally worth it. Who else can spare some of their profits to up this drawing even more as an incentive?
DeleteThis comment has been removed by the author.
ReplyDeleteSpreadsheet still indicates 13 remaining. Please update, so we do not needlessly call someone who has signed already.
ReplyDeleteDebbie Brandon was just added bec she hadn’t signed. It was an error. Now we are back up to 13 unsigned. I talked to josh.
DeleteOne owner has two units. Maybe that's the discrepancy?
DeleteAlso, I just got a text from Robert Collins that he signed. I don't know if he's Skyview Media or KXP, Inc.
R. Collins is Skyview.
DeleteDo we have mobile numbers for:
ReplyDelete-KXP, Inc
-Skyview Media (is this Robert Collins?)
-Debbie Brandon
- Carl Weisser
- Pat Cauble (or her son)
I'm texting them my Giving Tuesday offer and a link to the blog.
I just got a response from Robert Collins that he signed.
Gaurank Patel is KXP, Inc. Can some post his number?
DeleteI signed the contract on behalf of Pat Cauble in unit 605 earlier today. Please stop contacting her on this matter.
DeleteIts really frustrating that the unsigned owners of units that are 410, 580, 600 sq feet have equal say but not equal investment. We are all getting the same amount /sq foot. It is as fair as it can be. Not understanding your reasons for not signing, if its about the money. There is no negotiation in the deal, the deal is no one gets more than anyone else. BUT If you sign by Tomorrow 11/28 you have a shot at $1000.00 by a very generous neighbor!!!! That is the only way you are getting more money.
ReplyDeleteDoes anyone know anything about Mr/Ms Linh Nguyen, unit 511? KXP, inc is listed as the owner of the unit (Linh Nguyen is contact). Is this unit occupied? This unit may be illegally rented. If you have or have had contact with the owner of 511, please post here.
ReplyDelete
DeleteKXP is Gaurank Patel:
Kxp, Inc.
12855 Wyngate Trl
Alpharetta, GA 30005
Contact: Gaurank Patel
Title: Chief Executive Officer
Phone: (770) 777-1340
Website:
Kxp, Inc. is the only company located at 12855 Wyngate Trl, Alpharetta, GA 30005
I spoke to the owner of 311. We had a nice conversation about his concerns. He was under the impression that we were approached by an agent with this offer and was unaware that we had a sales committee actively looking for buyers for over a year and that we approached Josh Reeves again to help us. We talked a lot about the state of the building and the impending expenses if this sale does not go through. He is concerned about the 6% commission and the mandatory lease back. He was unable to attend the meeting on Oct 18th and I was able to share some additional information about the height restriction of the building. And the limited options for the land with the parking garage moratorium. It was a very respectful conversation.
ReplyDeleteIf you talk to any of the holdouts, be respectful and listen. Hope this helped!
If he doesn't know about the sales committee then I would assume these other owners, unless they attended the meeting, don't either? Good talking point. Thanks Anna, very helpful.
DeleteThank you for taking the time and giving an update. Did the owner of 311 indicate he plans to sign after your conversation, or at least talk to Josh & team in more detail about his concerns?
DeleteThis comment has been removed by the author.
DeleteThank you for that information, Anna! DId you pass this information to Josh? It appears that some owners are misinformed. Their reluctance seems to be that they do not think this is a viable or legitimate deal. So, maybe this is the angle we need to take when we contact the remaining unsigned. When we contact the unsigned owners, we need to point them to the blog and to the real estate team.
DeleteGood work!
DeleteThe redevelopment options for our property are definitely restricted. When SPI-9 was written we were not zoned as a high density property. Without more height and/or higher density there is no way to get more money for our land. We've got a fantastic deal on the table. The buyer does not plan to re-zone and our closing is not contingent upon the City of Atlanta's lengthy and sometimes nebulous land development approval processes.
He didn’t indicate if he was going to sign but I feel good about hearing him out and clarifying our situation. I told him that the biggest issue for me was the deterioration of the building and the expense that will be on all of us even if you don’t agree with the commission or lease back. As I’ve said before on this blog, if new plumbing or a new roof is going to be a million dollars, my .84% ownership translates to $8,400 that I’m on the hook for. This offer is a life raft. Also the lease back $ can be defrayed by subleasing your unit. These were my talking points mostly. The biggest problem, as We all know, is what if we don’t sell.
DeleteNOT completing this sell is not an option! We must sell!
DeleteUnit 109.... 678-462-9223
ReplyDeleteUnit 201... illegally renting 404-620-0440
Unit 216... illegally renting 404-775-5214
Unit 308... 678-665-2776
Unit 311... 678-754-9675
Unit 402 and 708... 678-409-4970
Unit 408... illegally renting 678-592-3038
Unit 511... 678-469-1852
Unit 605... 404-842-9307
Unit 715... 912-484-2013
Unit 815... 501-519-4111 or 678-665-2776
Unit 816... 678-662-4468
YOU ROCK!!!! Thank you!!!!
ReplyDelete511 is vacant at this time
DeleteAh, It appears that Mr. Nguyen has moved to Ohio for Honeywell. I have located his LinkedIn account. I have requested to connect with him. If you wish to also connect with Mr Nguyen, you must use his email address: kelinanguyen@yahoo.com. He like others may not have been able to attend the meeting it appears he moved around Sep - Oct 2017.
Delete109 you aren't on the approved list to rent either. I informed your renter and she is freaking out.
DeleteUnit 109 has a LinkedIn account as well. Find him by searching: Salem Makhlouf. I requested to connect with him and sent a short note about the importance of signing his contract.
DeleteI talked with Salem Makhlouf (unit 109) over the weekend while he was at Sobu (chance meeting). I asked him had he signed his contract. Salem told me that he was thinking about it. He also told me that he needed to talked to the bank. I did not inquire about the reason for which he needed to talk with the bank, but did tell him that time was of the essence and that he should submit his contract by Friday. This was the extent of our conversation.
ReplyDeleteI am sweetening the pot...raising the stakes...laying it all out...but I won't beg...ok, I'll beg too...please...please...please sign your contracts by Tuesday at midnight. I'm adding a 1000 bucks to the drawing.
ReplyDeleteApparently, there is one homeowner (unit 201) who says that she does not need the money and is indifferent to signing. If you don't need the money, then sign your contract and donate your proceeds to charity. Problem solved.
ReplyDeleteIf we lose this deal because of indifference, I will lose my mind. Ask Nadia if she will buy us a new roof and plumbing, and buy my unit while she's at it.
DeleteI would assume Nadia does not want to lose money on an investment
DeleteUnit 201 is illegally renting as well.
DeleteLet the retroactive fees for renting illegally begin, and please get her renter informed.
DeleteIf renters don't want to move for say 12-15 months, they'll want the owner to sign the deal.
Otherwise, they're going to have to move very soon, like January or February, as fines are incurred until the renter moves out.
I have had a very pleasant conversation with Nadia's renter in which I informed the renter what will happened in the event that this deal does not go through. I also asked the renter to pass this information along to Nadia.
DeleteTwo other people have sweetened the pot, so it's up to a $2500 drawing payable after closing, if we get to 100% by midnight tomorrow - Giving Tuesday.
ReplyDeleteYou can donate the proceeds to charity, if you don't need the money. I know of many people in need and worthwhile charities.
Join the assemblage today! #sellsobu
To add some additional incentive, if you're the very last person to sign, you only get ONE chance in the drawing. Everyone else gets TWO.
Double your chances, sign right away!
I am willing to put $1000 in the pot from my proceeds to the drawing also, under the same parameters that Melinda put forth. That might not mean much to some, put it is enough to pay for a move....
DeleteHowever, although we have achieved some momentum, those who have yet to sign seem to feel adamant so far about not having done so and as indicated in some posts, totally indifferent to the whole assemblage. I am still confused as to why because no one has really articulated it. I have tried to reach out to some unsigned without much success in process. I feel some do not totally understand the situation - and that is not meant as an insult - because they were not at meeting and have not been privy to all the information concerning the assemblage for various reasons. We have four days to make it happen....
Thinking about future costs to own in Sobu... if the roof repair did cost $1,000,000 AND the HOA was able to collect from 100% of the homeowners, the current offering price divided by 28 shows what each individual unit would be assessed. For example, unit 201 (only because it is mentioned above) would pay $8,526. That's assuming 100% of the special assessment could be collected. Sobering. Add to that the possible plumbing expense, gate and elevator repairs...
ReplyDeleteFacts. We all own part of a very old building with large, expensive and disruptive repairs expected in the near future.
DeleteThe HOA reports that, as suspected, the current rentals in the building exceed the 25% permitted by the Condo Documents and new federal regulations. This and the low HOA reserves affects the ability of prospective retail purchasers to obtain mortgages, hence affecting ability to sell and ultimately property values.
Low HOA reserves and expected expenses will most likely require maximum dues increases in the coming years, while at the same time, amenities, such as security guards will be reduced.
Surrounding development will continue to block views and negatively affect the pool area and landscape/common areas.
If this assemblage fails, it will be the second attempt. Future buyers may be skeptical to ever attempt again, especially as the building falls further into disrepair.
The current offer, in addition to being a great $ offer, does not include rezoning or permit contingencies. Surely any future offer would include these risky, unpredictable, and time consuming contingencies.
It's actually worse. I may be mistaken, but the amount of annual assessment is capped. The HOA would probably have to obtain a loan for these repair projects and pay back over several years, if we can even get approved for such costs. We will be hit with maximum assessments and max increases in HOA dues to cover both the construction cost as well as interest. We already have pretty high HOA fees. While they do cover utilities we do not have a lot of great amenities. Other properties offer more/nicer amenities for less. Just another factor driving down individual re-sale values. Hopefully we get a last minute push and hit our mark.
DeleteThis information presented above is great and definitely provides a persuasive and compelling argument for selling this building. However, unless we communicate this to the unsigned, who are evidently not reading the blog, we will not reach our mark. We as a community need to put our collective head together to figure out a way to circumvent the remaining unsigned. In the meantime, we need to continue to contact the unsigned individuals (all of whom do not live here) and in a nice and insistent way strongly suggest they sign their contracts. We need to keep that campaign up until 5 pm Friday or until we determine an alternative way to make this deal happen. It is imperative that we sell this building on this 2nd attempt.
DeleteUnit 201's owner is stating that she does not care about the money. Does that mean she will be the first to ante up that repair cost? I think she would be hard-pressed. If she does not care about the money, then why is she renting illegally, which I would consider a desperate move by someone who needs to stave off the consequences of not having this rental income. We should contact Nadia and let her know that she will be responsible for more than an $8,000 assessment should this deal not go through. She might have a change of heart about her position.
DeleteDoesn't care about the money? Hard to believe that. Let's see how that might change when her illegally rented unit turns from break even or even profitable when it becomes a money loser due to the fines that will be imposed and the increase in dues and special assessments in the near future.
DeleteShe will just simply sell to the lowest bidder or foreclose. I mean - what does she care?
DeleteGreetings Neighbor's. I bought my unit in 2007 and the caliber of this building has only been going downwards. I am currently behind on my HOA payments due to being out of work at the moment, I know you say that is no concern of yours, that is not your issue. Well, when other homeowners can not afford increase in dues and when some just refuse to pay like it have been stated on this blog, then it will certainly concern you unless you and a few others can financially keep SOBU afloat. I am reminded of the joke The Drowning Man - "A man was stuck on his rooftop in a flood and he was praying to God to save him. Someone came by in a rowboat and said jump in, I can save you, the man replied no thanks, God is going to save me. Then someone came by in a motorboat and said jump in, I can save you, the man replied no thanks, God is going to save me. Then a helicopter came by and the pilot shouted grab the rope and I will lift you to safety, the man replied no thanks, God is going to save me. The man drowned and in Heaven he ask God why didn't you save me. God replied, I sent you a rowboat, a motorboat and a helicopter, what more did you expect? Living here at SOBU is certainly not a joke but my point is, let's take THIS Opportunity and move forward to better places of residence and better investments. Let's close this chapter here at SOBU on a Good Ending While We Can. I ask you to please sign. ☺
ReplyDeleteGreat story. We have been sent the rowboat, motorboat and helicopter all and the same time. Don't be like the drowning man that refuses to see the life line. This deal is it.
DeleteThank you for your story, Bridget. Your story is very imperative to the sale of this building, as this will happen more and more if HOAs increase (as we know they will be doing).
DeleteI just did a quick calculation, and for an 800 sq/ft unit (middle of the road here) will be paying $715 a month in HOA dues in 2022 if we keep the 10% increase per year for the next 5 years, which seems very likely. On top of this, we will also have assessments we will need to pay. We will not get another offer like this in 5 years and we will all be stuck without being able to rent legally or sell our units with HOAs being that high. Legal renting will start to turn $0 profit as you can only rent one of these units for so much with the state of the building combined with high HOA fees and assessments.
This comment has been removed by the author.
DeleteThis comment has been removed by the author.
ReplyDeleteIt is apparent to me (as a result of the conversation between Anna and the owner of 311) that some of the unsigned may feel that this deal is not valid. How do we convince the distrustful unsigned that this deal is trustworthy? Although the real estate team has done their very best to inform. Some may remain suspicious. This distrust of the deal, I think, might be the main issue. I, like others, can not think for a moment that well informed homeowners in Sobu flats would not run with open arms to such a deal! It simply defies all that is logical!
ReplyDeleteWe need to hear from the brokers when there is an update as to what they are hearing from the holdouts. I assume that they are having conversations with them, and are better placed I imagine to give a the state of mind of the ones that have not signed so far rather than us trying to guess what could possibly be preventing them from winning the lottery taking this deal.
DeleteI also agree!
ReplyDeleteWell, here's our first, " no". He's the one who said he needed to call the bank. (We had a holdout who thought his tax situation from the last deal was going to be too much of an inconvenience. My accounting/finance husband talked to him to no avail. Maybe someone else can convince him.)
ReplyDeleteMe via text:
Nadia, Salem - Are you going to join the assemblage? Another person added another $1000 to the drawing.
Both of you are renting illegally and your renters have been told. They'll have to move right away, if you DON'T join this deal (a very good/professional deal). They can stay with no penalties otherwise.
You have neighbors in real financial trouble. Please join the assemblage and be a part of the solution.
Sobu has only decreased in value over the last 17 years. It's zoned to not be any taller. This is an excellent deal and the only way you're going to see people leave on a good note.
Think of the stress on your illegal renters!
Salem: Stop sending these messages.
Me: Please join the assemblage.
Salem: No
Me: Can you help me understand why?
You're not living there. You're renting illegally.
What's the hesitation?
Did he relay this information to the real estate team? There is something not quite right about his hesitation. He may have told you no, so that you would not continue to text him. Unless there is a serious issue involving his ownership of unit 109 and the bank, then his unqualified no is unacceptable! We need to really come together, as a community, now more than ever to devise a strategy to get this deal done with or without the participation of the remaining unsigned! Unit109 nor any one of the other unsigned will/should hold up this deal!
DeleteUnit 109 was on the market at least 2 years (maybe more) before he bought it at Wal Mart prices. He is an accountant. Surely, he is quite aware of the decreasing value of that unit and that he will NEVER realize any profit on that unit, ever! There is something seriously wrong here.
DeleteIf this "no" is true, which I am praying it is not, who will be attending the meeting on Sunday? Can we vote to NOT increase dues, NOT allow assessments, and force the building to be condemned ourselves, essentially forcing our own hostile takeover of the building for the builders?
ReplyDeleteI know this is extreme, but we need to get this building off our hands.
We can! Make sure you attend the meeting or sign your proxy sheet, so that you can enter your vote of no. It is drastic, but the truth is that for no good reason there are 12 (10%) owners who have essentially made a hostile bid to control 90% of the owners of the building. This is ridiculous! Therefore the 120 signed should exercise their power to force the sell of the building through their vote to let this building crumble! It is the right thing to do.
DeleteA Letter of intent to levy fines against all homeowners who are illegally renting should be sent out immediately! A board member should request that Maggie write and post a letter immediately! If any renters are reading this blog, you should prepare to move.
DeleteAgreed! A letter should be sent out immediately to indicate that this is no idle threat --- it's going to happen if this building does not sell, so be prepared!
DeleteI am also in agreement to no longer pay for the worthless amenities we are paying for when the building is crumbling down before our very eyes.